Portfolio updates
CT QR Series European Equity Active UCITS ETF (QREU)
Top 10 Underweights - 30 June 2026
Stock | Rationale | Relative weight |
|---|---|---|
1. Schneider Electric SE | Schneider Electric (Industrials) appeared expensive across a number of valuation measures, with cash-flow generation, earnings yield and shareholder return characteristics comparing less favourably than those of many peers. | -1.3% |
2. SAP SE | SAP (Information Technology) has experienced a moderation in both business performance and share-price trends relative to peers. These developments reduced its attractiveness compared with alternative opportunities in this sector. | -1.1% |
3. Safran SA | Safran (Industrials) appeared expensive relative to underlying cash-flow generation, with valuation measures comparing less favourably than those of competing opportunities. These characteristics reduce the stock’s attractiveness despite supportive industry conditions. | -1.0% |
4. Airbus Group SE | Airbus (Industrials) combined overvalued characteristics with a less attractive overall business profile than many competing opportunities. | -0.9% |
5. UBS Group AG | UBS (Financials) is held below benchmark weight due to its ESG profile. We consider risks related to Environmental, Social and Governance issues within portfolio construction for Article 8 alignment. | -0.9% |
6. Air Liquide SA | Air Liquide (Materials) exhibited less attractive valuation characteristics than many competing opportunities, while broader business trends were also less supportive. Combined, these factors reduced the stock’s relative attractiveness. | -0.9% |
7. British American Tobacco plc | British American Tobacco (Consumer Staples) is excluded from the investment universe due to Article 8 ESG requirements. | -0.9% |
8. Infineon Technologies AG | Infineon (Information Technology) experienced weaker share-price trends than many semiconductor peers. In addition, capital allocation characteristics compared less favourably with alternative opportunities, reducing the stock’s relative attractiveness. | -0.9% |
9. Novo Nordisk A/S | Novo Nordisk (Health Care) is held below benchmark weight due to ESG-related factors. We consider risks related to Environmental, Social and Governance issues within portfolio construction for Article 8 alignment. | -0.6% |
10. Barclays plc | Barclays (Financials) is held below benchmark weight due to its ESG profile, which is taken into consideration within portfolio construction for Article 8 alignment. | -0.5% |
Quick Response - Stocks removed since rebalance
Following our latest portfolio rebalance in June 2026, no Quick Responses have been triggered. Quick Responses are implemented when either our quantitative model or our fundamental research team identifies a material deterioration in a portfolio holding. Should a stock be removed through this process, a corresponding update will be published on this page shortly thereafter.
Date of sale | Stock removed since rebalance | Rationale | Weight before sale |
|---|---|---|---|
30/07/2026 | Galderma Group AG | Galderma Group AG (Health Care) was sold due to a less attractive combination of valuation and quality characteristics relative to peers. While the company had continued to deliver strong sales growth, valuation metrics appeared less compelling relative to underlying profitability and cash-flow characteristics compared with other healthcare opportunities. | -0.36% |
22/07/2026 | J Sainsbury plc | J Sainsbury plc (Consumer Staples – Food Retail) was sold due to a weakened valuation profile and less attractive cash-flow characteristics relative to peers. In particular, cash-flow generation remained positive, but operating profits compared less favourably with other consumer staples companies. | -0.07% |
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